There’s nothing worse than finding the perfect car, negotiating a fair price, and then getting totally worked over by the finance manager when you go to get a lease or a loan. To help you compare financing options, iLeaseMyCar provides a simple iPhone loan calculator. There are web calculators, but an iPhone app provides some advantages for use when a network connection isn’t available or is too slow, particularly for iPod touch owners that may not have access to WiFi at a dealer’s showroom.
The app is well designed and attention to detail sets it apart from some of the other choices in the app store. The layout includes 4 buttons across the “dock” at the bottom that let you choose between a loan calculator, lease calculator, advice on negotiating loan options and terms, and program help. The advice is simple, but straightforward, and the help covers all the options available in the program.
Setting the loan details is straightforward. Just tap on the value that you want to adjust and type in the new value. I actually prefer the slider mechanism used in the Auto Loan / Lease Calculator because it gives you immediate feedback on adjusting loan values, but iLeaseMyCar remembers what you’ve entered so you can quit to check email and return to where you were without losing anything.
I’d love to see some additional features like saved loans, a payment schedule with principal and interest, compare two loans, and so on. There’s certainly room for improvement with all of these apps, but my sense is that the good folks at Not Too Shabby Software have a solid base on which to build.
Update: For a limited time, the best deal appears to be the brand-new iLeaseMyCar Pro which has special introductory pricing of $1.99. iLeaseMyCar Pro adds reverse loan and lease calculations to calculate other factors from the payment and also allows you to add taxable and non-taxable fees.